N.Y. Public Authorities Law § 158: Competing highways not to be authorized

* § 158. Competing highways not to be authorized. The state of New

York does pledge to and agree with the holders of any bonds that the

state will not authorize the construction or maintenance of any parkway,

causeway, bridge, tunnel, street, road, highway or other connection for

vehicular traffic, which will be competitive with Jones Beach parkway,

nor will it limit or alter the rights hereby vested in the authority to

establish and collect such charges and tolls as may be convenient or

necessary to produce sufficient revenue to meet the expense of

maintenance and operation and fulfill the terms of any agreements made

with the holders of the bonds, or in any way impair the rights and

remedies of bondholders, until the bonds, together with interest

thereon, with interest on any unpaid installments of principal and

interest, and all costs and expenses in connection with any actions or

proceedings, by or on behalf of the bondholders, are fully met and

discharged; provided that a parkway, causeway, bridge, tunnel, street,

road, highway or other connection for vehicular traffic shall be

considered as competitive only if it shall form a connection for

vehicular traffic between the mainland of Long Island and the island of

Long Beach east of the most easterly point of the present city of Long

Beach or between the mainland of Long Island and the island on which

Jones Beach park is located west of the most easterly point of Oak

island, or between the island of Long Beach and the island on which

Jones Beach park is located. This section shall be effective only so

long as bonds issued by the authority prior to January first, nineteen

hundred thirty-nine shall be outstanding and unpaid.

* NB (Authority abolished June 30, 1978)